(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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abrdn New Dawn Investment Trust PLC, up 6.6% at 263.3 pence, 12-month range 243p-303p. The investor in companies in the Asia-Pacific region agrees a head of terms for a proposed combination with Asia Dragon Trust PLC. The combination would be effected via a scheme of reconstruction, where abdrn New Dawn is wound up and its assets are transferred to Asia Dragon for shares in the enlarged company. abrdn Fund Managers Ltd, which currently manages both companies, would continue to manage the enlarged group. Says shareholders will benefit from "the greater economies of scale" from the enlarged asset base, greater secondary liquidity in Asia Dragon shares, as well as cost efficiencies. Shares in Asia Dragon Trust were marginally lower at 362.96p.
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SMALL-CAP - LOSERS
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Lookers PLC, down 6.0% at 100.74p, 12-month range 59.7p-120.4p. The company extends Thursday's losses, after its agreed takeover offer by a Canadian peer was declared dead in the water. The car dealer's largest shareholder withdrew the letter of intent it had given to bidder Global Auto Holdings Ltd - the bidding vehicle of Alpha Auto Group Holdings LP, a Toronto-based operator of auto retail dealerships across North America. Last month, Alpha Auto had offered to pay 120p per share for Lookers, which is based outside of Manchester. Cinch Holdco UK Ltd withdrew its letter of intent to accept the offer for its stake of just over 19% in Lookers and now intends to vote against the acquisition, Lookers said on Thursday. The firm confirmed that the takeover resolutions are consequently "not capable of being passed" at the court and general meetings scheduled for next Thursday.
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By Elizabeth Winter, Alliance News senior markets reporter
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